ECONOMY

Azeravtoyol signs $140m loan deal with WB

Azeravtoyol and the World Bank have signed an agreement allocating a $140 million loan to Azerbaijan for the Additional Financing for the Third Highway Project.

The agreement was signed by chairman of Azeravtoyol Saleh Mammadov and head of WB office in Baku Larisa Leshchenko.

The Additional Financing will help complete upgrading of the Baku – Shamakhi road sections by expanding them from two to four lanes, and will support strengthening Azerbaijan’s nascent motorway management and maintenance program.

The project will help provide better transport services in mountainous central and northern regions of Azerbaijan, which have considerable potential for tourism and industrial production.